Market regulator SEBI has sought six more months from the Supreme Court to complete the probe into the allegations against Adani Group. US-based short selling firm Hindenburg Research released a report on Adani Group on 24 January. In this, serious allegations were leveled against Adani Group for manipulating the price of shares. Adani Group had denied these allegations but there was a lot of uproar over it. The Supreme Court had asked SEBI to submit a status report within two months. Its deadline ends on May 2. SEBI has asked the Supreme Court for at least six months more time to complete this investigation. On Saturday, the market regulator requested the court in this regard.
SEBI told the court that it takes at least 15 months to investigate such suspicious transactions, but it will try to complete it in six months.
The 12 suspicious transactions mentioned in the Hindenburg Research report seem quite complex at first glance. They need to be investigated in depth. Therefore, SEBI has requested the Supreme Court to give at least six months more time for the investigation. The Supreme Court had also constituted a six-member panel in March. It has been asked to examine the country’s investor protection framework. Due to the report of Hindenburg Research, the shares of Adani Group had declined significantly. This committee was formed by the Supreme Court while hearing a PIL in this regard.
The Hindenburg Research report had led to a sharp fall in Adani Group’s shares for more than a month and the group’s market cap was reduced by more than half. Gautam Adani, chairman of Adani Group, also dropped out of the top 20 in the list of the rich. However, for the last few days, the shares of the group are showing a boom. The Adani Group’s focus is now on reducing its debt rather than aggressively expanding its business. Recently there has been an increase in the number of banks giving loans to him. The Group is making all out efforts to win the trust of investors and lenders.
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